Will the new Town Centre Masterplan boost Luton's property market?
Post-pandemic Britain is changing shape, and Luton is at the forefront of that shift. There is a new Town Centre Masterplan as part of a strategy that lays out the council’s vision for Luton over the next twenty years. So what’s in store, and what will it mean for the Luton’s property market?
Time for the Locals to Benefit
Hard to imagine how time has flown so quickly, but the Luton Investment Framework (LIF) –the £1.5 billion, 20-year investment plan to reshape the future of our wider town – is 5 years old already.
And Luton has already begun to reap the benefits.
Big businesses are thriving, property development is at an all-time high in the town, and latest estimates suggest that the initiative is set to smash its initial target, and is now on course to deliver a whopping £4.5 billion of investment to the local economy.
But what about the residents?
It’s all well and good for those with big bucks to sweep in and clean-up financially on the back of Luton’s fantastic potential. But what about the locals? All too often they get left behind. Fortunately, the government’s Inclusive Growth Commission has – quite rightly – identified this, and is determined to set things straight.
The next phase following Luton’s significant economic growth over the last few years is to be focused on how the town serves the needs of the local community. It’s frustrating that this seems to come almost as a second thought, but here’s the thing:
Those with money will only place it where it will make them even more money. Fact.
And as unpalatable as that is, it is actually great news for Luton. Our town has massive potential to make people money. The local economy is the backbone of that cash-cow status, and investors know that unless they keep the residents happy, their shiny investments are unsustainable. People are always the key. Ultimately, you have the power.
The new Masterplan for the town centre has been made possible by the stunning success of recent big-business investments. Now it’s the residents’ turn to share in that – this time it’s personal.
Luton’s Town Centre Masterplan
The new vision for our town is all about community, and the need to provide for the people within it. And frankly, it’s about time. While community spirit has always been strong in our town, at Penrose we’ve seen first-hand how some of our clients have struggled to get their basic needs met in an infrastructure that has been creaking in recent years under the strain of an expanding population.
With this mind, the Masterplan promises an expansion to the provision of essential services in Luton. Additional doctors, dentists, education and community facilities should soon start to flow into the town, offering increased security to families particularly.
This makes the Masterplan stand out from other recent Luton developments; it seems to have taken a wider perspective and really considered, via consultation, the needs of the people who live here.
Choosing a new home is stressful enough without having to worry about this stuff, and this much-needed update to Luton’s facilities will add value to existing properties, and ensure that new-builds continue to be an attractive proposition for investors and buyers.
Retail Reimagined
Although many Luton residents commute into London, a significant majority work more locally, and it’s always helpful when buying a property to know that you have easy access to shops, restaurants and bars etc.
And since Covid hit, Penrose has seen a significant rise in demand for properties with extra spaces that can be used as home offices. As working from home has settled into a more sustained normal, the option to nip out locally to get away from the desk has also become more important.
The Masterplan promises a strategy that creates space for local, independent businesses to succeed alongside the big names, tapping into the footfall their presence generates.
This cements the idea that a home in Luton is an attractive proposition; residents will have doorstep access to a wider range of retail services, meaning they don’t always have to travel further afield to find what they need. Shoppers’ habits have changed in the wake of Covid, and local options are now more valuable than ever.
Cleaner and Greener
Luton already has a surprising scattering of lovely green spaces all over the town, but the town centre itself has always fallen little behind in the green stakes.
Workers in Luton town centre don’t always have time to hotfoot it out to Wardown or People’s Parks, or Pope’s Meadow, or even just to make the quick hop to Manor Road or Newtown Parks. And at present there isn’t really anywhere else they can quickly go to get a green-fix.
This historical oversight on the part of the town’s planners is about to change. A bid has been made for funding to support several initiatives, including the opening up of the River Lea at the corner of Bute and Silver Streets, and redevelopment of the Bute Street car park to create both new homes and a community area, set around lovely fresh green public spaces.
Take a stroll through central London around lunchtime on any day of the week, and you’ll see just how much workers in all industries value having access to open spaces on their work doorsteps. With the Luton Town Centre Masterplan, someone has finally understood this.
Fresh Developments
We’re in the property business and, sad as it might seem (we don’t care!) we get genuinely excited when we learn of new property developments of any form planned for Luton.
We already have a huge range of housing across Luton to suit all budgets, and the Masterplan for the town centre is more about the building blocks of community than it is about property, but we’re genuinely excited about it for two key reasons:
1. There will be a small number of new properties created in the heart of the town centre. Yay!
2. Anything that improves the lives of Luton’s residents is good news for the property market here in general.
It’s all about sustainable desirability. Improve the town, and the property market smiles, the security of your bricks-and-mortar investments grows, and Luton remains a long-term force to be reckoned with in the South East property stakes.
We hope all the new plans laid out in the Masterplan come to fruition, for everyone in Luton. The developments being proposed throughout the town centre would help to make it more attractive to everyone, especially families. New housing certainly boosts the property market, but it can’t, and shouldn’t, exist in isolation.
Hot off the Press …
In a bid to further boost the revival of ailing town centres that have been hit hard by the pandemic, the government has created the Welcome Back Fund. Just last week we learned that Luton has been awarded more than a quarter of a million pounds from the fund.
The council plans to use the cash to further spruce up the town centre, create public art displays, install new picnic benches and offer a healthy push for small businesses via a ‘Buy Local’ promo.
£250k is around the average property price in Luton – a lot of money to the individual, but for the town as a whole, perhaps not so much. And we all know that big ideas that sound good on paper don’t always deliver on the ground.
But sometimes it’s the little things that really make a difference. By investing the cash directly into multiple small initiatives that make the town centre more appealing for everyone, we all benefit. And this extra boost complements the Town Centre Masterplan brilliantly. It’s the final polish, the icing on the Masterplan cake.
In Summary …
When the local economy is strong, so is the property market, and now is a great time to secure property in Luton, whether you’re a homeowner or an investor. For tenants and homeowners alike, the town already has a wealth of benefits to offer, and under the new Masterplan they look set to improve even more.
When things are going well, everyone wants a piece of it, and all this positive interest in our amazing town means there has never been a better time to live in Luton.
At Penrose we know Luton inside out, and work daily with both individuals and investors. We know how to keep you all happy, so if you’re looking to buy, sell, or rent, get in touch today and let us show you how we can help.